Eligible Small Business Startups Can Choose New Option for Claiming Research Credit
From the IRS | May 3, 2017
Eligible small business startups can now choose to apply part or all of their research credit against their payroll tax liability, instead of their income tax liability, according to the Internal Revenue Service.
Private Collection of Some Overdue Federal Taxes Starts in April
From the IRS | IR-2017-74 | April 4, 2017
Starting this month, the Internal Revenue Service will begin sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies.
Pennsylvania Tax Amnesty Program Underway Until June 19
From the Pennsylvania Department of Revenue | April 21, 2017
Eligible individuals and businesses can apply now through June 19, 2017 to pay past-due state taxes and have all penalties and half of the interest waived. "The overwhelming majority of individuals and businesses pay their state taxes on time, but for those living with the burden of unpaid taxes, this program is an opportunity to get relief," said Deputy Secretary for Tax Policy C. Daniel Hassell. "The application process is easy, but time is critical as this opportunity only lasts 60 days."
Small Business Sponsored Health Reimbursement Accounts Allowed
For tax years beginning after December 31, 2016, qualified small employer health reimbursement arrangements (QSEHRAs) are not treated as group health plans for purposes of the group health plan requirements provided by the Patient Protection and Affordable Care Act (ACA).
Tax Tips to Help You Determine What Makes a Gift Taxable
From the IRS | Tax Tip 2017-47 | April 13, 2017
Taxpayers who give money or property to others may wonder about the federal gift tax and if it applies. Most gifts are not subject to the gift tax. Here are seven tax tips about the gift tax and giving:
"Where's My Refund?" Tool Best Way to Check Tax Refund Status
From the IRS | IR-2017-62: Tax Time Guide | March 16, 2017
The Internal Revenue Service (IRS) reminds taxpayers that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a financial institution to post the refund to an account or for it to arrive in the mail. The best way to check the status of a refund is online through the "Where's My Refund?" tool at www.IRS.gov or via the IRS2Go. mobile app.